Utilizing ABLE Accounts in Estate Planning
Incorporating ABLE accounts into your estate planning strategy can provide invaluable financial benefits for individuals with disabilities while preserving their eligibility for essential government assistance programs. Consult with The Ala Firm to tailor these strategies to your specific circumstances and needs.
August is National “Make a Will” Month
As we enter the month of August, it's a time to reflect on our lives, our accomplishments, and the people we cherish most. It's also an opportunity to plan for the future and take care of important matters, including making a will. August, being designated as "Make a Will Month," serves as a timely reminder of the importance of estate planning and ensuring that our final wishes are known and respected.
How do trust distributions work?
What is a trust and how do trust distributions work? I explain it all in this short article…
Is a WILL enough?
Dave Ramsey says “everyone over 18 should have a will” but is a will enough to protect you and your family?
What is a will?
A will serves a variety of important purposes. It enables you to select your heirs rather than allowing the state law to choose the heirs, who, although blood relatives, might be people you dislike or don’t even know.
Definitions
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Will
Having a will makes settling your estate easier than not having one, but for most families this one document is not enough. You do not avoid probate by simply preparing a will.
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Trust
A trust allows for the smooth and immediate transfer of assets, particularly real estate. You control how the assets are to be managed after your death. Most of my clients prefer a trust because of the ease of administration after one passes.
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Powers of Attorney
If you become incapacitated or otherwise unable to make decisions for yourself, a power of attorney gives another person the authority to make decisions on your behalf. A medical power of attorney relates to medical care, personal care and/or residential placement. A financial power of attorney allows your agent to access bank accounts, sell or purchase real estate, handle investments, or address other financial concerns.
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Guardian for Minor Children
A long-term guardian is a court approved individual who makes decisions regarding a minor child’s support, care, education, health, and welfare. By creating guardianship documents to accompany your will, your choice for your child’s guardian is made known.
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Advance Medical Directive
An Advance Medical Directive (also known as a “living will”) gives important direction to your medical providers when you are terminally ill or if you are in a permanent vegetative state. In this document you will specify the circumstances under which you wish to receive life support, artificial nutrition, and/or hydration.